IREPfarm is the newest Agritech solution to enter the GCC region. The project is a collaboration between IREP and Intelligent Growth Solutions (IGS), an Agritech market-leader. Their goal is to improve the food security of the GCC region by decreasing dependence on food-stuff imports.
Given the arid environment, not hospitable to normal agricultural methods, Agritech in the GCC are gaining significant traction. Furthermore, the food supply chain in its current state, is complex, expensive, and bad for the environment.
Vertical tower farms come in pairs, and a minimum of four towers are needed to be viable. Each tower costs $680,605 (AED2.5 million). The ROI on IREPfarms currently being trialled in Abu Dhabi is four years.
IREPfarm is currently targeting the Middle East “to give us a real good proof of concept in a very difficult environment, and then we can replicate it anywhere around the world”, said CEO of IREP, Kenneth McCrae.